‘Survive to Thrive’ shares highlights from the year as CFG continues to lead the way in the charity finance community, support charitable organisations and leaders in strengthening their financial resilience, and convene impactful networks.
CFG increased its own financial sustainability during the year, moving from a modest deficit of £4,166 on 31 March 2023 to a surplus of £55,719, exceeding its objective to eliminate its deficit in the 2023/24 financial year.
With the ongoing support of charity members and corporate partners, secured income has enabled the CFG to return to within its reserves range. Free reserves now stand at £189,101. This will allow the organisation to continue with critical investment.
CFG’s financial statements also show the importance of donations, gifts in kind and unrestricted grant funding. Grant funding totalled £123,491 during the year.
Caron Bradshaw OBE, CEO, CFG, commented:
“I’m delighted to publish our 2023/24 Trustees’ Annual Report which not only highlights how we continue to lead the way for charity finance but also shows what CFG has done to remain resilient and financially sustainable.
“The financial year began in 2023 with us having turned a corner. We are pleased that the hard work of the staff team, with the support of charity and corporate partners, generated sufficient surplus in 2023/24. Not only does this support our digital transformation projects, but has enabled us to increase the size of our team and expand capacity. This dual investment will allow us to grow our community and provide even more opportunities for charity finance leaders to engage, learn and connect.
“We have seen that the challenges of a difficult operating environment for charities have persisted beyond the financial year, into 2024/25. As our survey report following the Autumn 2024 budget showed, many organisations will be facing tough decisions in the year ahead. However, we are confident that our efforts have put us on a firm financial footing and will allow us to successfully navigate the challenges ahead.”
Kath Qualtrough, Interim Finance Director, CFG, said:
“Our previous Trustees’ Annual Report set out how we had focused on recovery and had almost eliminated our deficit and brought our reserves back into range. During the 2023/24 financial year, we increased our financial stability, fully eliminating debt whilst staying within our reserves range.”
“The loyalty of our members and corporate partners, along with the support of grant funders, has been essential to our success. Additionally, our decision in 2022/23 to close our London office and move to remote-first working has continued to pay dividends.
“We are now undertaking a major digital upgrade which will optimise our future operations, further strengthening our relationships with members and putting us in a position to capitalise on new opportunities.
“Whilst operating conditions remain difficult for the sector, we are able to look forward to the future with optimism and confidence.“
Hugh Wallace, CFG’s Chair of the Board of Trustees, commented:
“This report is a chance to look back at all the successes of the year, and the positive impact CFG is having on the charity sector as a whole. Whilst the year was not without its challenges, charities from across the sector have shown their commitment to supporting the communities they serve, with CFG being no exception.
“Once again, CFG has delivered a diverse range of services and activities for the benefit of our members, partners and wider sector. I am very proud of how CFG has moved forward during the year and exceeded expectations. Looking ahead, there is much excitement over CFG’s digital transformation projects, and how this will increase our impact.”
“All this can only be made possible with the ongoing support of our members, partners, volunteers and funders. We are thankful to them for making this a community charity professionals want to belong to and shape together.”
Editor’s notes
About CFG
CFG is the charity and membership organisation that supports other charitable organisations to make the biggest difference possible. We do this by helping them to make their money and resources go further, by putting financial leadership at the heart of their decision-making. Since CFG was founded in 1987, we have evolved to welcome all finance professionals working for charitable and social change organisations. We also welcome non-finance professionals who recognise that we deliver greater impact when we are financially confident, trustworthy and dynamic. Today, CFG’s vibrant community manages around one third of the UK’s entire charity sector income. We are a diverse and inclusive community of people who are passionate about delivering impact through financial leadership. Together, we lead the way for charity finance.
Contacts
Emma Abbott, Communications Manager, CFG: emma.abbott@cfg.org.uk
Glyn Sheldon, Communications Officer, CFG: glyn.sheldon@cfg.org.uk
Where to next?
CFG's Annual Reports
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